Henry Levak took some video of Flash 10.1 on a Palm Pre Plus at Game Developers Conference. The first website he visited was Hulu, which unfortunately didn’t work that well. The Palm representative quickly nudged Henry toward one of the bookmarked Flash-heavy sites.
He then demoed a Flash-based game that didn’t seem too complicated, it was basically just a tap to shoot game but it did indeed work, although not that impressively.
In short, one of the few reasons that anyone would want to have Flash on a mobile device — Hulu — doesn’t seem to work well quite yet.